The banks are not getting any get-out-of-jail-free cards, claims against MERS and the securitization process are still very much on the table.

On the other hand, did I learn anything new about the massive frauds perpetrated by the banks? Not really.

There are pages listing what the government has now labeled as “Unfair, Deceptive, and Unlawful Loan Practices”.

The settlement does say that the banks violated federal laws, that they wrongfully denied modification applications, and overcharged for ‘forced place insurance, among other misdeeds.

It even finally acknowledges that the banks engaged in robosigning.

But these are things that my clients and I have long known.

If you’ve read theWall Street Journal,or theNew York Times, or any thorough news story on the housing crisis, there’s little in the mortgage settlement’s pages that will surprise you.

And that’s thoroughly disappointing. What the government has presented to the public is a complete white-washing of the robosigining and “fraudclosure” scandal. It acknowledges that the banks committed certain indiscretions yes, but I couldn’t find one concrete example, not one thorough examination of how it occurred.Continue reading→